What to Do About Credit Card Rate Increases
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Posted: Wed Jan 12, 2005 11:42 pm
Post subject: What to Do About Credit Card Rate Increases
Jan
Date: 8/6/2000 3:37 pm CDT
I have a First usa account it had an interest rate of 11.19%
My bill came in July with an increase up to 20.05%. I called the company to find out why and they said it was a bad credit report, got the credit report and it wasn't bad, called them back again and they said it had to many inquires
on it, I have no control over any one making an inquiry. I've never been late on a payment and two years ago I paid off the account to the tune of $10,750.00. I haven't done anything wrong. It upset me so bad that we took money out of our savings and paid $8200 leaving a balance of $1800. I've sent them a copy of the credit report and will pay this off as soon as possible, would somebody tell me what is happening. I thought if the payments were always made on time and never late they couldn't raise your interest rate.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Wed Jan 12, 2005 11:42 pm
Post subject: What to Do About Credit Card Rate Increases
Caz
Date: 8/6/2000 4:27 pm CDT
First USA is notorious for doing this to its cardholders. Basically, they are saying that you've suddenly become a "high risk", and it's legal - even if its not true. When I worked at FUSA we would get incoming mail from angry cardholders filled with credit reports, bank statements, etc from people trying to get their APR back down from 20.00%+ to the original, lower rate. Most of the time the request was denied. I'd recommend you transfer the balance somewhere else, as its very obvious First USA no longer deserves to have you as a customer. There are tons of great transfer offers out there... you can view a list on this site at:
http://www.cardratings.org/transfer.html
or at my site...
http://www.cardrevolt.com/cards/low_intro.html
Blame it on Delaware
Take Care and Good Luck!
Caz
http://www.cardrevolt.com
incoming@cardrevolt.com
Posted: Wed Jan 12, 2005 11:42 pm
Post subject: What to Do About Credit Card Rate Increases
Jan
Date: 8/6/2000 3:37 pm CDT
I have a First usa account it had an interest rate of 11.19%
My bill came in July with an increase up to 20.05%. I called the company to find out why and they said it was a bad credit report, got the credit report and it wasn't bad, called them back again and they said it had to many inquires
on it, I have no control over any one making an inquiry. I've never been late on a payment and two years ago I paid off the account to the tune of $10,750.00. I haven't done anything wrong. It upset me so bad that we took money out of our savings and paid $8200 leaving a balance of $1800. I've sent them a copy of the credit report and will pay this off as soon as possible, would somebody tell me what is happening. I thought if the payments were always made on time and never late they couldn't raise your interest rate.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Jan 12, 2005 11:42 pm
Post subject: What to Do About Credit Card Rate Increases
Caz
Date: 8/6/2000 4:27 pm CDT
First USA is notorious for doing this to its cardholders. Basically, they are saying that you've suddenly become a "high risk", and it's legal - even if its not true. When I worked at FUSA we would get incoming mail from angry cardholders filled with credit reports, bank statements, etc from people trying to get their APR back down from 20.00%+ to the original, lower rate. Most of the time the request was denied. I'd recommend you transfer the balance somewhere else, as its very obvious First USA no longer deserves to have you as a customer. There are tons of great transfer offers out there... you can view a list on this site at:
http://www.cardratings.org/transfer.html
or at my site...
http://www.cardrevolt.com/cards/low_intro.html
Blame it on Delaware
Take Care and Good Luck!
Caz
http://www.cardrevolt.com
incoming@cardrevolt.com
posted by CardRatings.com at 4:29 PM
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